Accounting Sales And Journal Entries Homework Help

1.Is it necessary for a Finance Manager to understand Accounting if the firm has a professional accountant (CPA) on staff? Why or why not?

2.Your rich godfather has offered you a choice of one of the three following alternatives: $10,000 now; $2,000 a year for eight years; or $24,000 at the end of eight years. Assuming you could earn 11 percent annually, which alternative should you choose? If you could earn 12 percent annually, would you still choose the same alternative?

3.You have been asked to help upgrade the LAN at a very successful CPA firm with five departments in one building and a total of 560 employees. Although the firm’s employees understand accounting, they haven’t spent much time improving their network. Currently, it runs lOBase-T Ethernet and relies on 35 hubs to connect every user workstation to the network. Most of these workstations were purchased within the past two years, when the firm experienced a growth spurt. The hubs are connected to the backbone via switches. The CPA firm wants to upgrade its LAN, but not at great cost. It also wants to ensure that it can easily expand its LAN in the future. It has already decided to use a version of Linux as its network operating system. What kind of LAN will you design for this company? Describe its physical and logical topologies, what access method it will use, and what Physical layer standard this access method should rely on. What types of infrastructure upgrades are necessary to implement your suggested network?

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4.Which factor would be greater- the present value of $1 for 10 periods at 8% per period or the future value of $1 for 10 periods at 8% per period?

5.Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of March
1) Mar 2 Sold merchandise costing $300 to B Fager for $450 cash, invoice no 5703.
2) 5 Purchased $2,300 of merchandise on credit from Marsh Corp.
3) 7 Sold merchandise costing $800 to J. Dryer for $1,150, terms 2_10, n_30, invoice no 5704
4) 8 Borrowed $8,000 cash by signing a note payable to the bank.
5) 12 Sold merchandise costing $200 to R. Land for $320, terms n_30, invoice no 5705
6) 16 Received $1,127 cash from J Dryer to pay for the purchase of March 7
7) 19 Sold used store equipment for $900 cash to Malone, Inc
8) 25 Sold merchandise costing $350 to T. Burton for $550, terms n_30, invoice no 5706
Prepare headings for a sales journal like the one in Exhibit 7-5 Journalize the March transactions that should be recorded in this sales journal.